US Stock Markets Today: S&P 500 Opens 1% Lower, Dow Jones Drops 100 Points

The US stock market opened lower on Monday. The S&P 500 tanked 1.3% to 5,870. Six of the eleven sectoral indices were trading in red, led by declines in information technology, healthcare, and real estate, while consumer discretionary and energy saw advances.

The 30-stock Dow Jones Industrial Average fell 0.25%, or 120 points, to reach 43,350, while the tech-heavy Nasdaq Composite gained 0.13% to trade above 18,700.

The three major US stock benchmarks have retreated from the recent highs reached after Donald Trump’s election victory.

Concerns over the direction of interest rates remain a key worry for investors, especially after Federal Reserve Chair Jerome Powell remarked last week that the central bank is “not in a hurry” to cut rates, given the strong economic growth and robust labour market. His comments contributed to last week’s market sell-off, CNBC reported.